Payback

04.18.12

BP Reaches Gulf Spill Settlement

U.S. Coast Guard-AP

Nearly two years after a massive explosion brought down the Deepwater Horizon drilling rig and created one of the largest oil spills in history, BP has announced it has settled a class-action lawsuit with thousands of businesses and individuals affected by the tragedy. A federal judge has to approve the settlement, but BP officials estimate that they will be paying out about $7.8 billion in compensation. Roughly $2.3 billion of that will go to the seafood industry. The money will come from the $20 billion trust fund set up to help revive the area.